CMN Resolution No. 4391 — Establishes Conditions for Economic Subsidy-Eligible Financing Contracts under Law No. 12,096/2009 for 2015

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on December 19, 2014, based on Article 4, item VI, of Law No. 4,595 of 1964, and Article 1 of Law No. 12,096 of November 24, 2009,

RESOLVES:

Art. 1. The necessary conditions for granting financing eligible for economic subsidy by the Union to the National Bank for Economic and Social Development (BNDES), under the interest rate equalization modality, are established for operations contracted during the period from January 1, 2015, to December 31, 2015, observing the following:

I – Subprogram “Buses and Trucks – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels;

b) financeable items: acquisition, financial leasing, or production of buses, trucks, chassis, tractor units, trailers, semi-trailers (including those of the dolly type), tankers, and similar, new;

c) resource limit: up to R$ 8,000,000,000.00 (eight billion reais);

d) interest rate to the final beneficiary: 10.0% (ten percent) per annum; and

e) repayment term: up to 72 (seventy-two) months, including up to 6 (six) months of grace period for the principal.

II – Subprogram “Buses and Trucks – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations, legal entities of Public Law, at the state, municipal, and Federal District levels, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais).

b) financeable items: acquisition, financial leasing, or production of buses, trucks, chassis, tractor units, trailers, semi-trailers (including those of the dolly type), tankers, and similar, new;

c) resource limit: up to R$ 8,800,000,000.00 (eight billion and eight hundred million reais);

d) interest rate to the final beneficiary: 9.5% (nine and five-tenths percent) per annum; and

e) repayment term: up to 72 (seventy-two) months, including up to 6 (six) months of grace period for the principal.

III - Subprogram “Procaminhoneiro - Micro, Small, and Medium Enterprises”:

a) beneficiaries: natural persons residing and domiciled in the country, individual entrepreneurs, limited liability individual companies, companies whose gross annual or annualized operating revenue/income is up to R$ 2,400,000.00 (two million and four hundred thousand reais), and leasing companies, provided that the lessee is an independent truck driver, individual entrepreneur, limited liability individual company, or company with gross annual or annualized operating revenue/income up to R$ 2,400,000.00 (two million and four hundred thousand reais), from the road freight transport segment;

b) financeable items: acquisition, financial leasing, or production of trucks, chassis, tractor units, trailers, semi-trailers (including those of the dolly type), tankers, and similar, new or used; new tracking systems; insurance of the asset and credit insurance;

c) resource limit: up to R$ 1,400,000,000.00 (one billion and four hundred million reais);

d) interest rate to the final beneficiary: 9.0% (nine percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 6 (six) months of grace period for the principal.

IV - Subprogram “Capital Goods – Other Items – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels;

b) financeable items: acquisition, financial leasing, or production of other capital goods and associated working capital, and acquisition of capital goods under Article 9-J of Resolution No. 2,827 of March 30, 2001, within the scope of the School Road Program, with the exception of those cited in items I, II, III, VI, and VII of this article;

c) resource limit: up to R$ 14,700,000,000.00 (fourteen billion and seven hundred million reais);

d) interest rate to the final beneficiary: 9.5% (nine and five-tenths percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

V - Subprogram “Capital Goods – Other Items – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, associations, and foundations, individual entrepreneurs, limited liability individual companies, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: acquisition, financial leasing, or production of other capital goods and associated working capital, and acquisition of capital goods under Article 9-J of Resolution No. 2,827 of March 30, 2001, within the scope of the School Road Program, with the exception of those cited in items I, II, III, VI, and VII of this article;

c) resource limit: up to R$ 3,000,000,000.00 (three billion reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

VI – Subprogram “Rural – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels; natural persons, residing and domiciled in Brazil, provided that they are rural producers and the investment is destined for the agribusiness sector;

b) financeable items: production, financial leasing, or acquisition of agricultural capital goods and associated working capital; and acquisition of trucks, provided that the beneficiary is a natural person, as described in item “a” of this clause;

c) resource limit: up to R$ 200,000,000.00 (two hundred million reais);

d) interest rate to the final beneficiary: 9.5% (nine and five-tenths percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

VII – Subprogram “Rural – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels; natural persons, residing and domiciled in Brazil, provided that they are rural producers and the investment is destined for the agribusiness sector. Beneficiaries must present gross annual or annualized operating revenue/income, or of the economic group to which they belong, up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: production, financial leasing, or acquisition of agricultural capital goods and associated working capital; and acquisition of trucks, provided that the beneficiary is a natural person, as described in item “a” of this clause;

c) resource limit: up to R$ 800,000,000.00 (eight hundred million reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

VIII – Subprogram “Capital Goods – Export – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations from the capital goods sector;

b) financeable items: production of capital goods destined for export (pre-shipment);

c) resource limit: up to R$ 4,000,000,000.00 (four billion reais);

d) interest rate to the final beneficiary: 11.0% (eleven percent) per annum; and

e) repayment term: up to 36 (thirty-six) months, with up to 12 (twelve) months of grace period for the principal.

IX - Subprogram “Capital Goods – Export – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations, with gross annual operating revenue up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: production of capital goods destined for export (pre-shipment);

c) resource limit: up to R$ 400,000,000.00 (four hundred million reais);

d) interest rate to the final beneficiary: 10.0% (ten percent) per annum; and

e) repayment term: up to 36 (thirty-six) months, with up to 12 (twelve) months of grace period for the principal.

X - Subprogram “Parts, Components, and Accessories – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: acquisition or production of parts, components, and accessories of national manufacture, as well as technological services, such as items for incorporation into machinery and equipment in the production or development phase;

c) resource limit: up to R$ 300,000,000.00 (three hundred million reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 36 (thirty-six) months, with up to 12 (twelve) months of grace period for the principal.

XI - Subprogram “Parts, Components, and Accessories – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: acquisition or production of parts, components, and accessories of national manufacture, as well as technological services, such as items for incorporation into machinery and equipment in the production or development phase;

c) resource limit: up to R$ 100,000,000.00 (one hundred million reais);

d) interest rate to the final beneficiary: 6.5% (six and five-tenths percent) per annum; and

e) repayment term: up to 36 (thirty-six) months, with up to 12 (twelve) months of grace period for the principal.

XII - Subprogram “National Technology - Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, foundations, and legal entities of Public Law, at the state, municipal, and Federal District levels;

b) financeable items: production, financial leasing, or acquisition of information technology and automation goods, and associated working capital, covered by Law No. 8,248 of October 23, 1991, which comply with the Basic Production Process (PPB) and are developed in the country in accordance with Ordinance No. 950 of December 12, 2006, of the Ministry of Science and Technology;

c) resource limit: up to R$ 300,000,000.00 (three hundred million reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

XIII - Subprogram “National Technology - Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations, legal entities of Public Law, at the state, municipal, and Federal District levels, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: production, financial leasing, or acquisition of information technology and automation goods, and associated working capital, covered by Law No. 8,248 of October 23, 1991, which comply with the Basic Production Process (PPB) and are developed in the country in accordance with Ordinance No. 950 of December 12, 2006, of the Ministry of Science and Technology;

c) resource limit: up to R$ 300,000,000.00 (three hundred million reais);

d) interest rate to the final beneficiary: 6.5% (six and five-tenths percent) per annum; and

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

XIV - Subprogram “Transformers – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: investment projects aimed at constituting technological and productive capacity in sectors of high knowledge and engineering intensity regarding goods not produced in the country and which induce linkages and gains in productivity and quality, observing the provisions of § 9 of Article 1 of Law No. 12,096 of November 24, 2009;

c) resource limit: up to R$ 2,000,000,000.00 (two billion reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, with up to 48 (forty-eight) months of grace period for the principal.

XV - Subprogram “Transformers – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: investment projects aimed at constituting technological and productive capacity in sectors of high knowledge and engineering intensity regarding goods not produced in the country and which induce linkages and gains in productivity and quality, observing the provisions of § 9 of Article 1 of Law No. 12,096 of November 24, 2009;

c) resource limit: up to R$ 100,000,000.00 (one hundred million reais);

d) interest rate to the final beneficiary: 6.5% (six and five-tenths percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, with up to 48 (forty-eight) months of grace period for the principal.

XVI - Subprogram “Innovation – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: Innovation Business Plan, including company capacity building for innovation, research and development infrastructure, and potentially disruptive or incremental innovations in product, process, and marketing;

c) resource limit: up to R$ 3,300,000,000.00 (three billion and three hundred million reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, with up to 48 (forty-eight) months of grace period for the principal.

XVII - Subprogram “Innovation - Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: Innovation Business Plan, including company capacity building for innovation, research and development infrastructure, and potentially disruptive or incremental innovations in product, process, and marketing;

c) resource limit: up to R$ 300,000,000.00 (three hundred million reais);

d) interest rate to the final beneficiary: 6.5% (six and five-tenths percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, with up to 48 (forty-eight) months of grace period for the principal.

XVIII - Subprogram “Efficient Machinery and Equipment – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations; legal entities of Public Law, at the state, municipal, and Federal District levels;

b) financeable items: acquisition, financial leasing, or production of machinery and equipment with higher energy efficiency indices or that contribute to the reduction of greenhouse gas emissions, enabled by BNDES for this Subprogram, including electric, hybrid, or other models with electric traction buses, and associated working capital;

c) resource limit: up to R$ 500,000,000.00 (five hundred million reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, with up to 48 (forty-eight) months of grace period for the principal.

XIX - Subprogram “Efficient Machinery and Equipment – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations, legal entities of Public Law, at the state, municipal, and Federal District levels, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: acquisition, financial leasing, or production of machinery and equipment with higher energy efficiency indices or that contribute to the reduction of greenhouse gas emissions, enabled by BNDES for this Subprogram, including electric, hybrid, or other models with electric traction buses, and associated working capital;

c) resource limit: up to R$ 100,000,000.00 (one hundred million reais);

d) interest rate to the final beneficiary: 6.5% (six and five-tenths percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, with up to 48 (forty-eight) months of grace period for the principal.

XX - Subprogram “Cerealists – Large Enterprises”:

a) beneficiaries: cerealist business corporations, with headquarters and administration in Brazil, which cumulatively carry out the activities of drying, cleaning, standardizing, storing, and marketing in natura products of vegetable origin; and wheat milling industries, with headquarters and administration in Brazil, which carry out grain storage activities for in natura wheat grains;

b) financeable items: fixed and semi-fixed investments, jointly or separately, related to grain storage;

c) resource limit: up to R$ 300,000,000.00 (three hundred million reais);

d) interest rate to the final beneficiary: 10.0% (ten percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, including the grace period of up to 36 (thirty-six) months for the principal.

XXI - Subprogram “Cerealists – Micro, Small, and Medium Enterprises”:

a) beneficiaries: cerealist business corporations, with headquarters and administration in Brazil, which cumulatively carry out the activities of drying, cleaning, standardizing, storing, and marketing in natura products of vegetable origin; and wheat milling industries, with headquarters and administration in Brazil, which carry out grain storage activities for in natura wheat grains, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: fixed and semi-fixed investments, jointly or separately, related to grain storage;

c) resource limit: up to R$ 100,000,000.00 (one hundred million reais);

d) interest rate to the final beneficiary: 9.0% (nine percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, including the grace period of up to 36 (thirty-six) months for the principal.

§ 1. The total financing referred to in this article shall adhere to the limit of R$ 49,000,000,000.00 (forty-nine billion reais), with BNDES resources.

§ 2. The limit per beneficiary, or economic group to which they belong, and the payment periodicity shall be defined at BNDES's discretion.

§ 3. The operating agents shall be BNDES and the financial institutions accredited by it.

§ 4. The risk of the operations shall be borne by BNDES, in contracts directly effected by it, and by the financial institutions accredited by it, in other cases.

§ 5. The term for contracting operations shall be from January 1, 2015, to December 31, 2015.

§ 6. Operations repaid by BNDES in accordance with the provisions of § 13 of Article 1 of Law No. 12,096 of November 24, 2009, integrate the total financing referred to in § 1 of this article, respectively classified in each subprogram.

Art. 2. The necessary conditions for granting financing eligible for economic subsidy by the Union to the Research Funding Agency (Finep), under the interest rate equalization modality, are established for operations contracted during the period from January 1, 2015, to December 31, observing the following distribution:

I - Subprogram “Innovation – Large Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: innovation projects of a technological nature seeking the development of new or significantly improved products or processes (at least for the national market) and involving technological risk and market opportunities;

c) resource limit: up to R$ 700,000,000.00 (seven hundred million reais);

d) interest rate to the final beneficiary: 7.0% (seven percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, including up to 48 (forty-eight) months of grace period for the principal.

II - Subprogram “Innovation – Micro, Small, and Medium Enterprises”:

a) beneficiaries: corporations, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations, whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$ 90,000,000.00 (ninety million reais);

b) financeable items: innovation projects of a technological nature seeking the development of new or significantly improved products or processes (at least for the national market) and involving technological risk and market opportunities;

c) resource limit: up to R$ 300,000,000.00 (three hundred million reais);

d) interest rate to the final beneficiary: 6.5% (six and five-tenths percent) per annum; and

e) repayment term: up to 120 (one hundred and twenty) months, including up to 48 (forty-eight) months of grace period for the principal.

§ 1st The total of the financings referred to in this article shall be subject to a limit of R$1,000,000,000.00 (one billion reais), with resources from Finep.

§ 2nd The limit per company and the periodicity of payments shall be defined at the discretion of Finep.

§ 3rd The operating agent shall be Finep itself.

§ 4th The risk of the operations shall be borne by Finep.

§ 5th The term for contracting the operations shall be from January 1, 2015, to December 31, 2015.

Art. 3. This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil